Hedgeye’s Keith McCullough in his morning macro update echoed our recent messaging herein:

“Every bear market bottom is a process, not a stiff V-bottom point.” 

“Don’t forget that a lot of people lose money in bear markets, not because they don’t know what they’re doing, but because they chase bounces.”

Like yours truly, McCullough’s career encompasses both of modern history’s great bear markets. 


Here’s more from his morning commentary that jibes with our present view; his recollection of the financial media at those times pretty much matches mine as well: 

“We’re in a depression-slash-recession and everyone on old-wall TV is hoping it ends tomorrow. That’s not our economic outlook and it’s not the trend of the market itself. They were ragingly bullish throughout 2001, super bullish in 2008, Cramer buying Bear Stearns was probably the most obvious point of that, and now again in 2020.”

While I generally resist critiquing other investment professionals’ views (the market can make utter fools out of the best of us), you can sense my present frustration with many of Wall Street’s pundits. And, trust me, it’s not because we disagree, and it’s certainly not because I don’t welcome any rally (we still indeed own stocks in client portfolios), it’s that under present circumstances advising the general public to pour into stocks is (to put it mildly) the definition of irresponsible — regardless of what the market does from here…